Gold Futures: Scope for further rebound
|Open interest in gold futures markets extended the uptrend and rose by around 11.4K contracts at the beginning of the week, considering preliminary figures from CME Group. In the same line, volume went up by around 14.4K contracts, partially revering the previous drop.
Gold still capped by $1,825
Monday’s drop and bounce off multi-day lows was amidst increasing open interest and volume, with gold closing the day with marginal losses and just above the key $1,800 mark per ounce troy. That said, further upside is forecast to meet a solid hurdle at the 200-day SMA around $1,825.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.